Australian Mines Limited advised that it has entered into a binding long form offtake agreement with LG Energy Solution for mixed nickel-cobalt hydroxide sourced from Australian Mines' world class, 100%-owned, Sconi Project in North Queensland, Australia. LG Energy Solution (LGES), a subsidiary of LG Chem, is the world's producer of advanced batteries for the electric vehicle industry 1. During the initial term of the Offtake Agreement, LGES will purchase 71,000 dry metric tonnes of nickel and 7,000 dry metric tonnes of cobalt in the form of a mixed hydroxide precipitate (MHP). MHP is a nickel and cobalt-containing intermediate product produced at Sconi that can be used as a raw material input for lithium-ion battery production. The execution of the Offtake Agreement is a major milestone for Australian Mines. The offtake quantities covered by the Offtake Agreement will account for 100% of the projected future production of Sconi creating a sound customer foundation to underpin its development. The agreement has only one Condition Precedent, which is that Australian Mines secures financing for construction of the Sconi Project on or before 30 June 2022 (or such later date as the parties may agree). Australian Mines will now move swiftly to finalise agreements with a range of financing partners. As is customary, negotiations with financing partners will be subject to Non-Disclosure or Confidentiality Agreements. Australia Mines will provide updates to the ASX regarding Sconi Project financing, in accordance with the Company's continuous disclosure obligations and commercial confidentiality restrictions.